Property Management
In New Mexico, a qualified residential property manager who manages 10 or more units must comply with which financial reporting standards?
AIRS Form 1099 requirements for rents paid to owners
BNMREC trust account rules and maintain monthly owner statements✓ Correct
CSEC financial reporting requirements
DGAAP financial statements audited annually
Explanation
New Mexico qualifying brokers managing properties must maintain proper trust accounts, reconcile monthly, and provide regular owner statements—all per NMREC rules—regardless of the number of units managed.
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